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Medical Foods Global market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
Medical Foods Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The medical foods market size is expected to see strong growth in the next few years. It will grow to $31.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.” - The Business Research Company
LONDON, GREATER LONDON, UNITED KINGDOM, October 21, 2024 /EINPresswire / -- The medical foods market has experienced robust growth in recent years, expanding from the market is projected to grow from $21.35 billion in 2023 to $23.07 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.0%. The historic growth can be linked to several factors, including a higher prevalence of chronic diseases, advancements in medical and nutritional science, an increasing aging population, heightened awareness of nutrition's role in managing health conditions, and regulatory support for medical foods.
What Is The Estimated Market Size Of The Global Medical Foods Market And Its Annual Growth Rate?
The medical foods market is projected to continue its strong growth, reaching the market is expected to reach $31.23 billion by 2028, growing at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth during this forecast period can be attributed to several factors, including a heightened focus on preventive healthcare, increasing demand for personalized nutrition, expansion of applications in metabolic disorders, advancements in nutrigenomics and personalized medicine, and rising consumer interest in functional foods.
Explore Comprehensive Insights Into The Global Medical Foods Market With A Detailed Sample Report:
Growth Driver Of The Medical Foods Market
The growth of the medical foods market is being significantly driven by the increase in the geriatric population. Aging is associated with the accumulation of various forms of biomolecular damage at the molecular and cellular levels, leading to a gradual decline in functional capacity and an elevated risk of diseases, ultimately resulting in mortality. These changes do not occur in a linear fashion and are only loosely correlated with a person's chronological age. As individuals age, their reliance on specific nutritional products, particularly medical foods, increases to help manage chronic and age-related health issues.
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Who Are the Leading Competitors in the Medical Foods Market Share?
Key players in the market include Nestlé SA, Danone SA, Fresenius Kabi AG, Mead Johnson & Company LLC, Primus Pharmaceuticals Inc., Abbott Nutrition Inc., Accera Inc., Ajinomoto Cambrooke Inc., Applied Food Sciences Inc., Axcan Pharma Inc., Cambrooke Therapeutics Inc., Danone Nutricia North America Inc., Health and Happiness (H&H) Group Limited, RFI Ingredients LLC, Scientific Hospital Supplies Ltd, Solace Nutrition LLC, Synthetic Biologics Inc., Targeted Medical Pharma Inc., VAYA Pharma Inc., Baxter Healthcare Corporation, Braun Melsungen AG, DuPont Nutrition & Biosciences, Enteral Nutrition Holdings Inc., Fresenius Medical Care AG & Co. KGaA, Hill's Pet Nutrition Inc., Hollister Incorporated, Intensive care unit Medical Inc., Medtronic plc, Nestlé Health Science S. A., Nutricia North America Inc., Otsuka Pharmaceutical Co. Ltd., Pfizer Nutrition Inc., Koninklijke DSM NV, Stryker Corporation, Total Parenteral Nutrition Solutions Inc.
Which Key Trends Are Driving Medical Foods Market Growth?
Leading companies in the medical foods market are focusing on developing innovative products like Foods for Special Medical Purposes (FSMP) to expand their customer bases, drive sales, and boost revenue. FSMP refers to a category of specially formulated food products designed for individuals with specific medical conditions, disorders, or diseases.
How Is The Global Medical Foods Market Segmented?
1) By Type: Pills, Powder, Other Types
2) By Application: Alzheimer's Disease, Diabetic Neuropathy, Nutritional Deficiency, ADHD, Other Applications
3) By Sales Channel : Retail Sales, Online Sales, Institutional Sales
Geographical Insights: North America Leading The Medical Foods Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Medical Foods Market Definition
Medical foods are specially prepared foods intended to be ingested or administered orally under a doctor's guidance, tailored for specific dietary needs. They are designed to help manage an existing disease or condition through dietary means. Medical foods are exempt from the labeling requirements related to nutrition content claims and health claims.
Medical Foods Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global medical foods market report covering trends, opportunities, strategies, and more
The Medical Foods Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on medical foods market size, medical foods market drivers and trends, medical foods market major players and medical foods market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Oliver Guirdham
The Business Research Company
+44 20 7193 0708
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